IHC subsidiary Al Seer Marine enters strategic JV to build, sell and maintain marine vessels

Al Seer Marine (ASM), a subsidiary of International Holding Company, has entered a strategic joint venture with maritime solutions Dutch company, Damen Shipyards and Singapore-based DTec Industries.

Damen Shipyards has been providing maritime solutions in design, shipbuilding, ship repair, and related services across a range of sectors since its launch in 1927. It’s part of the Damen Group, a Dutch shipbuilding and engineering conglomerate company based in Gorinchem, South Holland, the Netherlands.

DTec Industries offers services in industrial participation and finance, primarily in the maritime sector. The group has several wholly-owned operating subsidiaries located around the world.

The strategic joint venture will consider ventures and local partnerships to sell, build and maintain high-quality and cost-effective marine vessels in the global markets.

Guy Neivens, CEO of Al Seer Marine, said: “The sea carries out around 80 per cent of global trade by volume. The global marine vessel market is projected to grow from $170.75bn in 2021 to $188.57bn in 2028. The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine’s strategy in becoming a global brand in developing world-class marine vessels.”

The move aligns with Al Seer Marine’s international growth plan. It sees a potential of more than Dhs36.7bn in current markets in the coming ten years.

“With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine’s growth which will be a great added value to our shareholders,” Neivens added.

In recent news, Abu Dhabi-based marine company Al Seer Marine has entered into a collaboration agreement with Singapore’s Netbulk to expand its worldwide freight services. The agreement between the two companies will focus on the Middle East, Asia and Asia Pacific, and help clients mitigate supply chain uncertainties.

Read: Abu Dhabi’s Al Seer Marine partners with Singapore’s Netbulk to expand freight services